Bitcoin has started the last day of the workweek in a positive mood. At press time, the largest cryptocurrency by market cap is trading at $44,751.78 (+3.17%), according to CoinMarketCap.
Chart of the USD/BTC trading pair from EXANTE
For its part, Ether has increased to $3,088.87 (+2.27%), while Cardano is up by 2.89% and is now trading at $2.15.
FxPro's team of analysts say:
"Bitcoin has seen little change over the past day and is currently trading at around $43,900.
The current price dynamic of Bitcoin can be correlated to the S&P 500 as a benchmark, as the crypto sector itself is currently facing a lack of triggers. The connection of the reference cryptocurrency to the traditional market is now recognized at all levels, and what is happening around the Fed's incentives and actions as a whole will exert a strong impact on Bitcoin's future.
Institutional investors use Bitcoin as a means to diversify their investments, and while the amount of large cap participation has grown significantly since 2017-2018, it remains a small asset in proportion to their investments. However, there is no doubt they will sell Bitcoin if they need cash urgently. Cryptocurrency market participants should pay as much attention to the Fed's words, actions and suggestions as they do to traditional market participants."
According to CoinMarketCap’s ranking, all currencies on the top 10 are in green.
As for the market cap of all currencies listed in CoinMarketCap, it stays at $1,964,895,626,865.
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